NY A08637

Superintendent of Financial Services must promulgate regulations within six months providing standardized definitions for commonly used terms and phrases in personal lines insurance policies.

Standardized definitions for personal lines insurance must be used in policies issued or delivered in New York on or after January 1, 2023.

Superintendent must also promulgate regulations providing standardized definitions for commercial lines insurance policies covering loss or damage to real property, personal property, or liabilities, with the same January 1, 2023 deadline.

Insurers may use alternative definitions for both personal and commercial lines policies provided such definitions are not less favorable to the policyholder or claimant, as determined by the superintendent.

Act takes effect immediately upon enactment.